It is vital that if you are a business owner, you have a clear idea how much your business is worth. A This means that if the worst should happen and disaster strikes in the form of fire or flood, your insurance will enable you to cover the cost of the things you have lost. Here we look at the things you need to be aware of if you are trying to value a catering business for the purpose of insurance.
What Should Be Included
The main thing to include on the insurance for your catering business, is the building where your business is situated. This could be a hotel or restaurant, or if you are a mobile caterer then it could be your van. When valuing this asset of your business for the purpose of insurance it’s important to give the value as the rebuild or new replacement value to ensure that you will have sufficient funds for your business to continue if disaster strikes. Additionally, it is important to ensure that all of your equipment is adequately valued. This includes kitchen equipment such as commercial ovens and commercial dishwashers as well as crockery, cutlery and other items that are essential to your business.
How to expand your catering business
If you are a small catering business for example you may be interested in expanding the services, you provide. You could organise and accommodate for events like stag and Hen parties. If this was organised as part of a big private event it would be the envy of others. A private event is often regarded as an ideal option and would complement a stag do very well.
Why not kick start your stag event off in style and take a trip on a party bus like the Stag Party Bus Cheltenham for an amazing night with food and drink.
Where Is the Value in Your Business?
While many assume that the main value in a business is the building, there are many other assets that a business has which would also need to be replaced if disaster was to strike. It is with all these other items that businesses sometimes come unstuck as they may not have adequately insured for the replacement of some items.
As well as kitchen equipment you also need to consider how much it would cost to replace tables, chairs and anything that adds to the aesthetic pleasure of your business such as artwork and soft furnishings.
Whether you are setting up a new catering business or are an existing owner of a business in the hospitality industry, hopefully this has given you some tips on what you need to be aware of when taking out any sort of insurance policy for your business. Ensuring you place the correct value on your business means that hopefully if the worst should happen then all will not be lost.